Buy and Sell Bitcoins with Knet

Post by Mark

bitoasis

BitOasis, the UAE based Bitcoin exchange backed by the DCG (Digital Currency Group) out of New York have now added support for KNET and exchanging bitcoin into Kuwaiti Dinars.

bitoasis2

Bitcoin has many benefits and is considered by many the future of currency. Some of the advantages of Bitcoin include anonymity during purchase, meaning there is no digital trace linking a person to a transaction, similar to when paying for an item in cash. Another advantage is that nobody owns Bitcoin, not an individual, not a company, not a government, bank or any other financial institute. This means no one can freeze your account, take any money from it or stop you from performing transactions.

If you’re interested, check out the BitOasis website [Here]

Thanks Abdullateef


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45 comments, add your own...


  1. aaa says:

    A major, major point is that bitcoin fluctuations are a lot more volatile than a typical currency BECAUSE none of the protections of a government etc. are in place. In the last year Bitcoin has been worth like… $250 to $700 in different months.

    There is also a lot of controversy with the actual security behind it, in August there was another major hack with $60 million worth of bitcoins disappearing

  2. Abdullateef AL Fozaie says:

    Hey aaa,

    I’ve been working in the digital currency space since 2010, when bitcoin was a nerds wet dream. Back then Bitcoin was a proof of concept and was valued at 3 cents, fast forward 6 years and 3 bubbles the value rose to 1200 USD in 2013 and has been somewhat stable around 620 USD.

    The controversy that you mentioned isn’t to do with Bitcoin itself but the nature of how bitcoins are stored in wallets, Bitcoin as a currency is yet to be broken but the means third parties store it has.

    August of this year one of the worlds largest exchanges, Bitfinex, was hacked and indeed a large sum of Bitcoins valued at 72 Millions USD was stolen, now this was a breach of their security as they used what is known as a hot wallet to store customer bitcoins, this isn’t standard practice and since Bitfinex has resorted to using cold wallets to store the majority of its assets.

    Hot Wallets: Live wallet front facing.
    Cold Wallets: Offline, disconnected.

    Now since the breach Bitfinex has been reimbursing its clients: http://www.coindesk.com/bitfinex-reimburses-first-bitcoin-exchange-hack-victims/

    Now as for the volatility, now let me ask you this, where does bitcoin derive its value from? Trade Volumes, merchants, miners and exchanges. Just as the stock market works if there is demand buy buy buy and this is all attributed to market adoption, politics and the general ecosystem.

    Bitcoin cuts so many strings, no more will you have to pay lofty transfer fees, credit card fees, your money is yours it cannot be destroyed it cannot be tracked and no one can tell you what you can or can’t do with it.

    Many thing that you can’t do much with your Bitcoin here but the list of online merchants like amazon, ebay, expedia, cheapair, overstock etc.. Local Exchanges like BitOasis.. Startups that convert your bitcoin wallet to a physical credit card that you can use on a daily basis like Xapo, Shift, Wirex and Shake.

    There is so much stigma and misconception that taints bitcoin that is all attributed to lack of education and market awareness.

    I am a big believer in Bitcoin, altcoins, cryptocurrency and the underlying technology like the blockchain and I invite anyone to get in touch with me and I would be more than happy to educate and blow your mind.

    Cheers.

    • Kuwait says:

      Say I buy 1 bitcoin if its worth is 100KD now, and in a year, a bitcoin is worth 150KD.

      1. Who do I “sell” it to?
      2. Can I withdraw the 150KD to my Kuwait bank account?
      3. Is a bitcoin worth exactly the same everywhere in world? Say 100KD = $350. Does that mean I can buy a bitcoin for 100KD in Kuwait and for $350 in the US?

      • Abdullateef AL Fozaie says:

        Hello Kuwait,

        1) In this case I think you are referring to the exchange model.

        Example:

        If you buy 1 Bitcoin worth 190 KD today and a year from now that same Bitcoin is worth 300 KD you would go on an exchange like Bitoasis and sell your Bitcoin to KD.

        2) A Bitcoin exchange like Bitoasis would then wire you KD in exchange for your Bitcoin to your local bank account.

        3) The price of Bitcoin is relatively the same with minor deviations of 1-3% every exchange has its own Price.

        Example:

        Bitoasis 623.43
        Bitfinex 617.82
        Bitstamp 614.54
        Coinbase 617.19
        BTC-e 617.98

        If you have anymore questions I’m more than glad to help, keep them coming.

        Thank you.

    • aaa says:

      Anywhere offsite I can get in touch with you?

  3. meh says:

    You can’t buy burgers anonymously though.

    • Mark says:

      you could if you pay in cash

      • meh says:

        At the burger joint I will have to wear a mask, or send somebody I trust to get it for me, and there’s always the chance that they will compromise my identity.

        Online, they will have my address. If I use a random drop point, I or someone will still have to pick it up.

        • Mark says:

          You don’t have to wear a mask, just wear a cap and sunglasses and don’t stare into the security camera. or write out your order on a piece of paper, pass it to one of the street cleaners and offer to give him a bit extra if he goes inside and orders for you. he doesn’t know you so he wouldn’t be able to compromise your identity.

  4. Jacob says:

    Perhaps not burgers in Kuwait but you certainly can buy your used books from Better Books (Salmiya) with Bitcoins. Yes!

    Among other crypto currencies to watch out for are Ethereum & Maidsafe. However, much more than the Bitcoins itself, I believe it is the blockchain technology that would transform the world in many ways.

    • Mark says:

      can you really buy books using bitcoin at better books?

    • Abdullateef AL Fozaie says:

      Hello Jacob,

      That’s Brilliant! Welcome to the club! :)

      There are three main schools of thoughts when it comes to Bitcoin and Blockchain.

      At its infancy the technology was first introduced as a proof of concept a technological tour de force by Satoshi Nakamoto in a paper he wrote in 2008 and then brought it to life in 2009.

      Originally it was for nerds, techies and engineers now a days its an industry worth over 12 Billion USD.

      Originally VC’s were funding Bitcoin startups but with the volatility and ensuing bubbles this shifted to the core technology, the Blockchain.

      This doesn’t mean that investing in Bitcoin is dead, not at all, but its more risky and focused and the chances to make it big so late in the game are slim.

      In regards to Altcoins like Ethereum and Litecoin, the same logic applies to them. But of course Ethereum is the star child nowadays with the way its revolutionizing applications and smart contracts.

      There are so many big name players in the Blockchain space, like Microsoft, Intel, visa, NASDAQ etc.. and a revolution is surely afoot but only time will tell.

      The future is bright my friends.

      Cheers.

      • Jacob says:

        I am glad that there is a growing awareness about bitcoins although most people I come across haven’t heard of it, or have heard the wrong things, or in a very uneducated manner simply waive it away.

        My own introduction came three years ago at a point when bitcoins was at it’s peak price of around USD 1300 (wish I bought it when it was less than a dollar!) only to slide down leaving me with burnt pockets! Yet, I still continue trading in altcoins now and then (mostly an exercise in bankruptcy though!) but more frequently and importantly keep track of the technological advances that the blockchain is bringing about.

        Of course, as a promoter of bitcoins, what better way to start than in your own backyard selling used books:)- And no.. Not a single person has walked in to purchase books with bitcoins although a sign has been hanging on our door for the last two years! However, it becomes a topic of conversation and also spreads the awareness of bitcoins.

        I am just curious to know if there are any other business in Kuwait which accept bitcoins.

        • Jacob says:

          With Bitcoin over 10K, it is very likely that people in Kuwait will stumble on this post. So far three people have paid for books using bitcoins. The last one was a 13 year old boy! These are micro steps and someday I look forward to more businesses accepting them in Kuwait.

          • Hesham says:

            Are you and Abdulateef millioniars by now :)

            • Jacob says:

              If I had not traded away all my bitcoins, or lost them in all the exchanges which collapsed, I would have been a millionaire many times over! Alas. The only thing I am left with now is knowledge that is worth a few million dollars and a few KDs worth of satoshis!:)-

      • Husain says:

        Is there any way to contact you in Kuwait?
        I am getting hooked to the entire Blockchain thing

        • Jacob says:

          Hie Husain. Just saw this message. Buzz me on 6666-1981. I am trying to put together a small interactive seminar for bitcoin dummies (perhaps you have crossed that stage) at the books store and you are most welcome.

  5. HILARIO SANCHEZ says:

    If i buy bitcoins in kuwait dinar, so it is in may wallet in bitoasis, possible i can transfer it to my another bitcoin wallet like blockchain?

  6. Marj says:

    Please give us the contact number for BITOASIS Dubai

  7. Nick says:

    do not buy ant from bitoasis they freaking hard. they ask you to deposit in AED . and they dont tell you how much it costs just put ur money and buy .. what ?!!!!!

    • Abdullateef says:

      Hello Nick,

      The platform can use a bit of cleaning up I must admit but its all there, the way it works is that you buy cash vouchers in which you can then exchange for bitcoin.

      You purchase Voucher in AED, you then exchange the AED to BTC, the bitcoin price is clearly displayed on the top right hand side.

      If you have any more questions feel free to contact me at +965 94419882.

      Thank you.

      • Dan says:

        Hi Abdulateef,

        Can you give me some insight and tips about making profit in cryptocurrency my friend? I would really appreciate it.

        BTW I tried to reach you on the number you provided using my mobile +965 60066493.

        Warm regards

  8. Mastodon says:

    I absolutely love Bitoasis, granted their 5% fees are high compared to exchanges around the world, it is still way cheaper than buying bitcoins on Bitfils. I have used Bitoasis for almost 6 months now and I am very happy with their customer service. They did take more than a week to fully verify my documents, but I have had absolutely no trouble buying crypto through Bitoasis. Very new to this Crypto field, just joined in June of this year but I am very excited for the future of this Tech

  9. macario says:

    can i use my peso wallet as too for buying bitcoin in kd?

  10. Marvix says:

    Anyone cash out from them to Kuwaiti bank?
    How to get the BTC to cash?

  11. miner437 says:

    yeah i tried cashin last year from my exchange poloniex to bitoasis, then bitoasis to knet, before i press send button on my ios phone i notice huge sum of transaction fees, whaaat? 10kd minimum charge on each trx and cancel it.

    Notes,
    – i use bitoasis before knet integrate to their system, i change my dinar to aed in a local exchange then send to bitoasis bank account with clear 3 days (was it tedious eh?)

    – i do day trading on crypto’s at btc around $800 and mining at same time, makes me miss my millions if i plain mining and leave it for today. (btw my coins today if dont trade cost $20, 00) because i dont really believe on coins before and not educated fully and fear on community gossip makes you crazy. now i learn and still save some coins (altcoins esp.)

    – year 2018, too late for you if your after btc, instead invest on altcoins with future values like sia, xrp (while still cheaper).

    – btc will be dead soon once any altcoins will surpass its value and market presence ex. ethereum. due to btc in nature is costlier to produce, work intensive and power hungry (tx fee too high)

    – dont trade crypto, expect you lose if you do regularly, buy cheap then hold it, secure your account details, make 2fa on your email and add multiple mobile with it, backup also, then forget and proceed your normal life, install bitcoin checker if you want your wife raise eyebrows on you.

    – blockchain is the new technology for banking and finance, so banks now are crazy how to adapt and regulate it but it cant for now because it were design to be decentralized. so they have to make there own then no one will used 100%, ripple is there to that concept.

    – SIA is the next cloud storage ex. like amazonaws, google but with blockchain technology to encrypt and store your files anonymously. this only crypto had true value compared to other crypto poppin around, like bitcoin, ethereum, monero and other coins alike.

    – invest what you can afford to loss.

    – use bitfinex if you want to trade on your mobile, others dont have.

    • Marvix says:

      Thanks for the explanation. Yet, I don’t know how to get money in cash from Bitcoin.

      BTW, I have 100 to 500 from the alt coins.

      • Nick says:

        Cex.io any amount is 3.5$ fees bitcoin to cash to visa card to your card that’s it no big deal

        • miner437 says:

          i hope you said applies to kuwaits bank cards, as we know kuwait financial systems still didnt support crypto’s (correct me if wrong) as american banks also (certain states). they regulate this kind of finances to discourage individuals to invest crypto’s (different stories)…;)

          • Nick says:

            You don’t exchange it through ur bank you exchange it through the exchanger and they send the money to ur account no worries using it since 2012

      • miner437 says:

        you can cash via bitoasis through your preffered bank, within a period of 3-7 days but with high tx fee. if your a miner tx fee a cents but if you bought this coins better keep it.

  12. PG says:

    Anybody wants to sell their bitcon in Kuwait. Do let me know as I am interested.


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